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Negotiators in Paris last December achieved a previously unattainable consensus among all countries — large and small, industrialized and developing — on a target for minimizing climate change.

They agreed to hold planetary warming to below 2 degrees Celsius, which can only happen by drastically cutting the greenhouse gas emissions that cause climate change.

Adhering to the target requires a de facto energy revolution that transforms economies and societies by weaning the world from dependence on fossil fuels. The magnitude of the task means strategies and spending on a scale far exceeding previous efforts.

A lot of future investment is at stake. From now through 2030, the global economy will require $89 trillion in infrastructure investment across cities, energy and land-use systems as well as $4.1 trillion in incremental investments for the essential low-carbon growth plan.

Such need dwarfs available public funding, making the private sector a vital participant, along with innovation to help spur and leverage increased investment.

At the recent Investor Summit on Climate Risks in New York, U.N. Secretary-General Ban Ki-moon called on pension funds, the banking sector, the insurance industry and others to at least double their clean energy investments by 2020.

More and more, economists and business leaders believe the only way to forge solutions at the necessary scale is to put a price on carbon emissions to make polluting an operating cost factored into bottom-line calculations.

If emissions become an economic decision, they argue, the private sector will have the fiscal incentive to embrace the necessary global transformation to a zero-carbon future.

For India, there is a clear opportunity here. Under the national plan India submitted to the United Nations, the government set a target to increase renewable energy capacity from 30 percent today to 40 percent by 2030. The plan also calls for installing 175 gigawatts of renewable energy capacity by 2022 — an ambitious goal considering the world’s total installed solar power capacity was 181 gigawatts in 2014. The government estimates that $2.5 trillion in investment will be needed to achieve its plan by 2030.

Major Indian companies — including Dalmia Cement, Mahindra Group and Tata Group — have stepped up to become sustainability champions by taking action to support carbon pricing.

This week, Indian business leaders will gather in Delhi and Mumbai at the Indian Climate Policy and Business Conclave organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) in partnership with the Indian Ministry of Environment, Forest & Climate Change, the German Federal Ministry for the Environment, and the World Bank Group.

In discussion groups and training sessions, they will examine the issues and opportunities facing India in confronting the changing climate, and explore how to advance carbon pricing in their internal business models. They will learn at what levels they can set a carbon price internally, and how to apply it so that it helps to accelerate their transition to a lower-carbon footprint.